Although mortgage brokers, general insurers and general insurance brokers are not subject to specific AML rules and the Money Laundering Regulations, they still need systems and controls to prevent financial crime. KYCP is the perfect tool to automate and manage such processes efficiently.

Since insurnace companies handle and manage money between parties they are subect to fraudulent malpractices within the market. The process of claims need to be monitored and due diligence processes need to be conducted on teh respective subjects.

Insurance agencies require different procedures based on the different industries that the insurance cover is being provided on such as regular vehicle insurance to director personal and professional indemnity insurance cover. Each of these cases require various fields to be collected per entity and different documentation together with different scoring rules.

KYC Portal allows for the creation of all these programmes and an instant ongoing check on all currently verified subjects on the system. Ensuring that compliance is still enforced on all past verified subjects, KYCP will automatically raise any alerts within the notification area. These include having critical fields changing, new scoring methods that raised the threshold of the respective entity as well as when document validity is about to expire.

All the detail about KYC Portal and the benefits that it brings to the table.